A weekly thread to discuss financial matters - from personal all the way up to global.
Ground Rules
- Remember that we're all just Internet randos. Don't bet your life savings on a hot tip from this thread.
- Keep culture war in the culture war thread. Yes, global events may impact our personal finances, but that does not mean we have to incessantly harp on culture war aspects here. If you are going to discuss it, please stick to the practical impacts of it on an individual level.
- Be kind. Remember that everyone here comes from different circumstances. We all have different resources available and different risk tolerances.
- Don't let the perfect be the enemy of the good. Better is better. Celebrate people when they take a step up and work to move their finances in the right direction. Don't flame out because they haven't followed what you consider the optimal path. Everybody has to start somewhere.
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Notes -
You sir, have balls of solid rock. There is absolutely no way I could bring myself to do that.
Looking back, the fact that I invest at all has more to do with an accident of fate than anything. I grew up dirt fucking poor. I don't mean "we couldn't afford a new car" poor. I mean "we had to cut slits in my shoes and tape them up because I outgrew them and couldn't afford replacements" poor, or "had a big, filling glass of water for dinner at least once a week" poor.
My first job out of college didn't pay handsomely, but it was enough money that I could dump 13% of my paycheck into my 401(k) and still feel richer than I had ever felt in my life. Every time I get a raise, I increase my savings one way or another and keep my spending power constant.
Absent that, I'd probably be like your brother in law. The terror of being poor stays with you wherever you go. I still regularly wargame what would happen if I lost my job, and wake up at night thinking that I'm going to lose my home.
I think about my relatives who haven't been able to get out. What advice do you offer to somebody who's still working retail in his 30s and has been turned down for his last ~50 applications to better jobs? "Just invest in SPY, bro" is going to bounce off their real-life circumstances so hard that it probably does more harm than good.
Literally, Dave Ramsey’s Total Money Makeover. I’ve read it. The advice is solid. His writing is convicting, and it will actually make you excited to save and give you hope. Dave Ramsey was sent by God to pull desperate families out of poverty. I would offer his advice with few amendments. Maybe I would update his Baby Step 1 from $1,000 to $2,000, but not if that seemed insurmountable.
I'll try to see if my library has a copy. It sucks when someone comes to me for advice and I can't offer anything.
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